BIEL (dpa-AFX) - Manufacturer of finished watches and jewelry, Swatch Group (SWGNF.PK) Tuesday stated that gross sales for the full year 2011 were up 21.7% on a currency-adjusted basis to CHF 7.14 billion. The company stated that continued weakness in the euro and the dollar during the year had a major negative impact on sales of about CHF 700 million. The company reported an operating profit of CHF 1.6 billion for 2011, an increase of 12.4% over 2010. Operating margin increases from 23.5% to a strong 23.9% despite the negative currency environment and the sharp rise in commodity prices.
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